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FTX CEO says crypto exchange suffered 'complete failure of corporate controls'

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"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in a filing with the U.S. Bankruptcy Court for the District of Delaware. "From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented."

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